Covéa Insurance fraud fighters scoop industry award

Covéa Insurance was delighted to win the “Counter-Fraud Initiative of the Year” award at The Insurance Fraud Awards in London; the awards recognise businesses making a positive impact on detecting and preventing fraudulent insurance claims.

Insurance fraud is a huge problem, the impact of which is driving up the cost of insurance for the honest majority of customers. Data from the Association of British Insurers (ABI) suggests that insurers detected over £1.32 billion worth of fraudulent claims in 2014, equating to an estimated £3.6 million worth of fraud per day (Click here for source article).

Covéa Insurance’s award-winning anti-fraud initiative focused on detecting home insurance fraud in a way that ensured there was no negative impact on the claims experience for genuine customers.

Steve Jackson, Head of Financial Crime at Covéa Insurance, who received the award on behalf of the firm, commented:

“While we’re delighted that our work has been recognised with this award, what’s really rewarding is knowing that our efforts in tackling insurance fraud benefit the honest majority. The cost of fraudulent claims runs into the millions of pounds every year, but many people don’t realise the significant effect that this has in terms of increasing insurance premiums. Our philosophy is about ensuring we have robust processes that allow us to detect fraud without impacting on the service experience for our genuine customers. We won this award for the particular attention we paid to ensuring the claims experience remained positive and stress-free for our honest customers.”

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About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 16.9 billion Euros in premiums in 2018.  

Covéa Insurance looks after the insurance needs of over 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels. Employing over 1800 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and is signatory to the HM Treasury Women In Finance Charter. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

In 2018, Covéa Insurance were recipients of the Personal Lines Insurer of the Year award at both the British Insurance Awards and the Insurance Times Awards and was the top rated insurer in the Insurance Times Broker Service Survey for both Personal and Commercial Lines.